The problem with the Factions in play in the Endless Sea is that, unlike the Factions in Cambria, they’re much more local.
The rulers of Lyonesse or Iram of the Pillars or Baochuan or Ravenser Odd – whoever they might be – are going to be factions.
The various thieves or political advisors or merchants or magicians are also going to be factions.
The refugees from the lost city of Ys are probably a faction, but I doubt I’d call them organised or even communicative with a greater diaspora.
Potential rivals to power, hoping to overthrow and take over, are going to be factions.
I only have two definites so far:
The Oud – the unchanging black pillar, impossibly tall, lifeless, in the middle of the ocean. Definitely not a faction.
Old Vinata – whatever remains of the civilisation before the great flood of the Aetherium Sea. Definitely a faction.